Frisco taxpayers are set to pay an average of $92 dollars less on their taxes now after the Frisco ISD Board of Trustees introduced a new tax rate for the district. This is the third year in a row that the district has decreased taxes, bringing the tax rate to a record 20-year low. The combined tax rate has dropped from $1.46 per $100 valuation since 2017 when the district first lowered taxes. In total, that’s roughly a $241.68 reduction in property taxes for the humble homeowner in Frisco. Chief Financial Officer Kimberly Smith cites the pandemic as a variable in this decision. She said in a quote to Community Impact,
“We did budget a significant surplus for this budget year because we weren’t sure what was going to happen due to COVID[-19], enrollment, taxable values [and] expenses related to COVID mitigation,” she said. “We just felt it would be reasonable to keep a nice cushion in there, and so this just kind of erodes some of that surplus we had projected.”
There is hope that this trend will also continue into next year, and Chief Smith seems to think that’s a big possibility as she said at a September 28 board meeting. More details on that meeting can be found here courtesy of Star Local Media’s Frisco Enterprise.
“There is an expectation that we will probably have to decrease our (maintenance and operations) tax rate again next year,” she said. “I am not sure if it will be by the same amount, more, less. It really just depends on how property values do statewide over the next year.”
So, nothing has been set in stone, but given the downward trend in tax rates over the years, a dip in taxes again next year is certainly on the table. For now, this current decrease in taxes is very much welcome.